Beginners Guide to TikTok for Search - Rachel Pearson - We are Tilt __ Bright...
Market structure
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3. Review Perfect Competition Characteristics: Free market Large no. of buyers & sellers Homogeneous product Free mobility of resources Perfect knowledge Ideal Set-up for efficient allocation of resources, only some of its conditions are hard to meet
4. Pure Monopoly A market structure with a single producer / seller of a commodity/service No direct competitor Can block the entry of resources and firms in the industry (monopolistic power) Not free; No direct Competitor Pure Monopoly
8. O l i g o p o l y Industry is dominated by a small number of suppliers Product is either differentiated or undifferentiated Collusion – secret agreement among sellers independent action may lead to destructive competition
9. Cartel - an alliance of business companies formed to control production, competition, and prices to monopolize market - cartel becomes a single seller or producer of the product of an industry follows the leadership of low-cost firm or dominant firm which sets the market price member firms engage in non-price competition (advertisement, packaging and other sales devices) Oligopoly
10. Monopolistic Competition Elements are of competition and monopoly Products are differentiated through advertisement and marketing technique shampoos
11. Assignment On a short bond paper, paste a clipping of a certain product. Identify the Market structure the product or service belongs to and explain why. *individual work* Pass Tomorrow – Dec. 1, 2010 MERRY CHRISTMAS!